Bitcoin

Sports Betting with Bitcoin

Bitcoin sports betting websites are now more common than ever as the cryptocurrency continues to rise in popularity. Now, bettors can place wagers at online sportsbook with bitcoins on all major sports, such as football, soccer, basketball, baseball, tennis, motorsports, and more.

As both players and operators are navigating towards using the cryptocurrency exclusively for its many benefits, more and more new players are looking to take advantage of using Bitcoin for real money sports betting too.

Further on in this post, we’ll take a look at the benefits of Bitcoin sports betting – but first, let’s take a look at what Bitcoin actually is.

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What is Bitcoin?

Bitcoin is a peer-to-peer cryptocurrency, meaning it’s controlled not by a single or physical entity (like banks and financial institutions), but instead by a network. This network is called the Blockchain – and it’s responsible for controlling the Bitcoin transactions that are sent every 15 minutes.

First created in around 2009, Bitcoin has remained shrouded in mystery as the original creator(s) identity is still unknown. Going under the pseudonym “Satoshi Nakamoto”, this anonymous developer (or group of developers) is actually now one of the world’s richest men/women, albeit one that no one knows about.

Now, Bitcoin proved popular with those who dislike the power banks hold – and while it took a while for the whole idea of a cryptocurrency to cotton on, the last 3-4 years have seen a large increase in its popularity as it became more mainstream.

How to Use Bitcoin

Bitcoin itself acts in much the same was as your money within a bank account does. Bitcoins are stored in what’s known as a “Bitcoin Wallet”, and this is like your personal checking account. If you want to receive bitcoins, you give out your Bitcoin Wallet address, which people can use to send money to you – and if you want to send money, you need someone else’s Bitcoin Wallet address, which you can then use to send funds.

Bitcoin transactions are instant – meaning they appear within just a few seconds of them being sent/received, but a system called “confirmations” means that it can be between 20 and 60 minutes before the funds are fully ‘cleared’ in a Bitcoin Wallet.

Pros and Cons of Bitcoin Sports Betting

As with any payment method, Bitcoin comes with a number of pros and cons, and while the pros generally far-outweigh the cons, it’s worth being aware of both the up and downsides to using the cryptocurrency.

Below, we look at reasons for and against using Bitcoin when betting for real money online:

Pros of Using Bitcoin:

The biggest advantage of using Bitcoin arguably comes from the speed at which transactions can be made. Unlike conventional payment methods (which can often take up to 7 days, when making withdrawals, before being available in your bank or checking account), Bitcoin withdrawals are available in your Bitcoin wallet just a few minutes after the sportsbook have processed your withdrawal, and this ensures that you’re not waiting around long to get your hands on any winnings!

Bitcoin is, by default, also incredibly privacy-centred, and this allows you to make online gambling transactions without worrying that your bank or other financial institutions will ‘nosey-in’ on your personal business. While this isn’t generally a concern for most punters, it is something worth bearing in mind, especially when considering that things like credit checks can sometimes look for gambling transactions.

Cons of Using Bitcoin:

Pretty much the only downside of using Bitcoin, is the time it takes to actually purchase or sell the bitcoins. While there exist a number of online exchange where you can readily buy and sell, it can take time to find a suitable seller/buyer that is offering the payment method you want to use – and this could slow you down.

It’s also worth being aware that if you choose to buy/sell bitcoins using so-called “high-risk” payment methods, like PayPal or Visa and Mastercard Debit/Credit cards, you may well find the fees are quite high.

This is to prevent fraud, and cut-down on the amount of times customers initiate a charge back, so while this shouldn’t be an issue for the majority of players, it’s something to be aware of.

How to Use Bitcoins at Online Sportsbooks

Using Bitcoins at online sportsbooks is fairly simple, and if you want to deposit bitcoins into your sportsbook wallet, you need to begin by logging into your account, heading to the cashier, and selecting the “Bitcoin” option, for making the deposit.

The sportsbook will then present you with a Bitcoin Wallet address, which you can then copy and paste. From there, you simply need to go to your Bitcoin wallet, and paste in the address you just copied.

Withdrawing is equally as easy, and you just need to head to the “Withdraw” page at the online sportsbook you want to withdraw from, and select the “Bitcoin” option. They will then ask you to provide your Bitcoin Wallet address, which can be found on the “Send/Receive” page on your Bitcoin Wallet software, and then, simply select the amount you wish to withdraw, and once processed by the sportsbook, you’ll see it appear within your wallet in a matter of minutes.

One thing to remember, is to ALWAYS check the Bitcoin Wallet address is correct; this cannot be rectified after, so it’s always worth spending a few extra seconds to ensure you’ve entered it correctly, to avoid missing out on receiving your funds.

Conclusion

As you can see, Bitcoin sports betting is now easier than ever – and while the cryptocurrency is still in its early days, in terms of being recognized as a legitimate payment method – it’s clear that more players and operators are beginning to see the benefits; which are, in fairness, plentiful.

If you want to take advantage of Bitcoin sports betting sites playing with real money, it’s worth spending a bit of time to familiarize yourself with how the cryptocurrency works. You don’t need to know the ins and outs of the currency, and mathematics behind it – but it can help to have a basic understanding of how it works, as this will enable you to avoid confusion when you begin using it yourself.

Above all else, just remember to ALWAYS check the wallet address before making a deposit/withdrawal, as if you enter the wrong one, you could end up losing real money – but as long as you just copy and paste, you should be fine.

Real Money Gambling is intended for use by person over the age of 18. We actively encourage you to only gamble with money you can afford to lose and to always stop when the fun stops. If you think you or someone you know has a problem with gambling addiction please reach out to your local helpline or free online organisation immediately to seek free professional advice.